Unit 3.2(2): Variations in economic activity - aggregate supply(AS)
Aggregate supply is the total quantity of all goods and services the economy can produce at a given price level and in a given time period. At a microeconomic level, we consider the supply of a particular good in a market produced by all the firms in that market. Aggregate supply represents the total supply of goods from all markets in the economy. Defining aggregate supply Changes in aggregate supply over the long...